We Upgrade Orica Fair Value Estimate to AUD 15 From AUD 12 on Strong Fiscal 2016 Cost Performance
We will be releasing a mining services special report that includes a deeper dive into the broad categories of earnings drivers for the sector. We increase our fair value estimate for Orica by 7% to AUD 15.00 per share, given a more sanguine outlook for the mining segment and modestly positive implication for ammonium nitrate volumes. Mining forecasts closely mirror Morningstar’s outlook for flat volumes and commodity prices in real terms, but we expect a stronger turnaround for ammonium nitrate...Orica is engaged in the manufacture and distribution of commercial blasting systems and various chemical products and services. Co.'s segment comprised of: Australia/Pacific and Indonesia, North America, Latin America, Europe, Africa and Asia, which is involved in the manufacture and supply of commercial explosives and blasting systems; Minova, which is involved in the manufacture and supply of bolts, accessories and chemicals for stabilisation and ventilation systems in underground mining and civil tunnelling works; and Global Support, which is involved in the corporate and support costs, operation of the Botany Groundwater Treatment Plant and non-operating assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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